Rachel Uchitel Set to Strip for Playboy

5/17/2010 1:20 PM PDT

Rachel Uchitel Set to Strip for Playboy

TMZ has learned Rachel Uchitelhas signed a deal to get naked for Playboy Magazine -- but there's a full-frontal catch.

Rachel hedged when we asked her about a Playboy offer on TMZ Live on Friday -- but we found out that Tiger Woods' #1 mistress has already struck an agreement. A source close to the mag tells us Rachel has the right to pull out any time before the shoot goes down -- which is in three weeks.

We're also told Rachel won't be baring it all -- just the backside ... and the topside.